AndrisHTC

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Jun 2, 2023
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Hi, I drove my 2024 home early December (Mississauga) and parked it since. My insurance policy with Aviva (through a broker) has 4 year depreciation waiver, but I’m now considering agreed value insurance (seems Hagerty has an affiliation with Aviva). I’m awaiting more from my broker, and a quick online quote through Hagerty website put my cursory car value of $105k (pre tax) agreed value at around $2k per year premium (no seasonal insurance) vs around $1200 per year current policy if I drove all seasons. My questions are 1) can I still buy $105k worth of insurance 4 years from now (or will it be assessed as a used car something much less) and 2) will the payout be $105k say 8 years from now if there is a total loss assuming I don’t break the policy? Any other experience with these agreed value policies?
 
I have replacement insurance. With State Farm when I rolled my Camaro they looked on Autotrader. There were three 2k Camaros there. As I recall, one was 15k, one was 13k and one was 11K. They gave me 13K and I bought the 11K one. I have replacement insurance with DesJardin. For the first three years they replace the car with a new one of the same model, but the current year. So if I wrote off my 2020 they'd replace it with a 2024. I was told the price becomes not worth it once my car was 4 years old. So now it's like it was with State Farm.
 
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HappyCamper. If you don’t mind, what are you paying at CAA? I know there are many factors.
I’m with Intact. My23. $110,000. Only get 4 years. 58yrs. old. No claims. Impeccable driving record. Live in Muskoka. I paid $1,308 last year. In Nov. got a $468 check back for putting it in storage over the winter. But still have fire and theft and what ever else is needed for over the winter.
I have no idea what the rate will be this driving season. With the current weather and no snow. Hopefully we can get our cars out and on the road sooner then later
 
HappyCamper. If you don’t mind, what are you paying at CAA? I know there are many factors.
I’m with Intact. My23. $110,000. Only get 4 years. 58yrs. old. No claims. Impeccable driving record. Live in Muskoka. I paid $1,308 last year. In Nov. got a $468 check back for putting it in storage over the winter. But still have fire and theft and what ever else is needed for over the winter.
I have no idea what the rate will be this driving season. With the current weather and no snow. Hopefully we can get our cars out and on the road sooner then later


HappyCamper’s advice helped as I went with CAA taking 5 years depreciation protection and rate was best I could find, at $1470, Mississauga, early 50’s , perfect record etc however its a stand alone policy, have my two daily drivers with Aviva, and my Mercedes Slk with Hagerty for agreed value insurance (car is not old enough to qualify for agreed value with CAA). Assume rate with CAA will be lower with multi car discount..
 
Hi, I drove my 2024 home early December (Mississauga) and parked it since. My insurance policy with Aviva (through a broker) has 4 year depreciation waiver, but I’m now considering agreed value insurance (seems Hagerty has an affiliation with Aviva). I’m awaiting more from my broker, and a quick online quote through Hagerty website put my cursory car value of $105k (pre tax) agreed value at around $2k per year premium (no seasonal insurance) vs around $1200 per year current policy if I drove all seasons. My questions are 1) can I still buy $105k worth of insurance 4 years from now (or will it be assessed as a used car something much less) and 2) will the payout be $105k say 8 years from now if there is a total loss assuming I don’t break the policy? Any other experience with these agreed value policies?
Cars that faster then 300kph goes under special policy ,ask your questions on phone . can't do over night stays
 
HappyCamper. If you don’t mind, what are you paying at CAA? I know there are many factors.
I’m with Intact. My23. $110,000. Only get 4 years. 58yrs. old. No claims. Impeccable driving record. Live in Muskoka. I paid $1,308 last year. In Nov. got a $468 check back for putting it in storage over the winter. But still have fire and theft and what ever else is needed for over the winter.
I have no idea what the rate will be this driving season. With the current weather and no snow. Hopefully we can get our cars out and on the road sooner then later
I can tell you I pay 865/yr with CAA on a MY24. 5 yr depreciation coverage as well as all the typical other coverages. I have 2 other cars (Toyota and Mazda) with CAA and home ins as well. Age 53, perfect record with no claims as well.
 
I can tell you I pay 865/yr with CAA on a MY24. 5 yr depreciation coverage as well as all the typical other coverages. I have 2 other cars (Toyota and Mazda) with CAA and home ins as well. Age 53, perfect record with no claims as well.
So confusing. I just got off the phone with CAA. $1113 per year $2 million liability, $1,000 deductible based on $108,000. They call it, " Total Replacement ". Which means over the next 5 years they payout what you paid for it. In my case $108,000 total loss happens in the first or fifth year, thats what they pay.
While my insurance, Intact, LAST YEAR was $1070 with a credit of $468 when it went into storage in NOV. But their deductible is only $500, $2 million liability. But I'm told, Intact, total replacement is only 4 years. But they pay what ever the, NEW MSRP, car value is at the time of total loss. So if in 3 years my $108,000 car is now $122,000. I get paid out the $122,000.
"NOTE" That was last years price. CAA is todays price. With everyone talking about insurance going up like crazy. I'll see Monday what my the years price will be.
 
I am with Co-operaters for 25 yrs. and always got a good deal. Just got my new Policy quote for this year starting in April for my 23/C8 , 15/Corolla , 16 / Honda Pilot it jumped 40 % mainly on the C8 and the Corolla.
New price for the C8 $ 1439.00 the Corolla for some reason went up 100%. No accidents, no tickets , rural community :(
 
I will be receiving my 2023 C8 shortly and going through the process of figuring out insurance and I am a bit confused with total replacement and a depreciation waiver. Are these the same thing? Does it mean the payout on a total loss would be the purchase or agreed value for the vehicle for the duration of the coverage in both cases or am I missing some nuance here?
 
This is super helpful. Thanks! Based on this it appears that only a new vehicle is eligible so I may be out of luck on this car (as it is used).
You can still get replacement insurance. When I bought my used Camaro I got that. When I rolled it my insurer checked Autotrader and gave me the average value.
 

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